Copt Defense Properties · NYSE:CDP
Copt Defense Properties — J.P. Morgan Industrials Conference 2026
49 slides from Copt Defense Properties's conference presentation, March 2026
Slide 1: Company Overview
Company Overview J.P. MORGAN INDUSTRIALS CONFERENCE March 2026
Slide 2: Table of Contents
Table of Contents OVERVIEW / STRATEGY APPENDICES • Page 3 • Page 39 • Safe Harbor | Page 40 PORTFOLIO OVERVIEW • Definitions + Glossary | Page 41 • Page 12 • Reconciliations | Page 46 DEFENSE SPENDING DRIVES DEMAND • Page 29 SCIF + ATFP OVERVIEW • Page 33 |2
Slide 3: Overview / Strategy
Overview / Strategy |3
Slide 4: Company Overview
Company Overview Public REIT with a National Defense Investment Strategy MISSIONS WE SUPPORT: • Signals Intelligence Investments Support One-of-One: • Human Intelligence Knowledge-based Defense Activities No Other REIT has a • Geospatial Intelligence + Reconnaissance Comparable Strategy Collection •
Slide 5: Public REIT with a National Defense Investment Strategy
Public REIT with a National Defense Investment Strategy TOTAL DEFENSE/IT 90% PORTFOLIO PORTFOLIO of Rental Revenue is from Defense/IT Portfolio 207 Properties 201 Properties 30+ Years as a Trusted Landlord 25M Square Feet 23M Square Feet to the U.S. Government 45% ~95% Leased ~96.5% Leased of Employ
Slide 6: A Closer Look at our Defense/IT Portfolio
A Closer Look at our Defense/IT Portfolio U.S. GOVERNMENT U.S. GOVERNMENT DEFENSE Secure Full Building Leases Other Leases CONTRACTORS 35% 29 41 ~250 of Rental Revenue is Properties Properties Tenants from the U.S. Government 52% 38 Leases 61 Leases ~500 Leases of Rental Revenue is from Defense Cont
Slide 7: Strategy Leads to Strong + Predictable Profitability
Strategy Leads to Strong + Predictable Profitability 5 Advantages to CDP’s Strategy 5 Low-Risk Development 4 Drives Reliable Sector-Leading 3 External Growth Superior Tenant Retention 2 Tenant Credit Predictable Barriers to 1 Entry Low Level of Capex Profitability Underlying Economy is National Defe
Slide 8: 4 Pillars to our Competitive Advantage
4 Pillars to our Competitive Advantage A Specialized REIT with a Unique Franchise Track Record + One of the few trusted landlords able to accommodate 1 Customer U.S. Government and defense contractor tenant requirements Relationships Irreplaceable 2 Adjacent to, or containing, the Demand Driver Land
Slide 9: Top Tenants
Top Tenants U.S. Government + Defense Contractors Account for Over 85% of Rental Revenue |9
Slide 10: Key Differentiators
Key Differentiators Driver of Our Tenant Demand Differs from Traditional Office Tenant Relationships Built on Decades of Trust • Top 15 Defense/IT tenants have on average: 14 leases and are located in 3 to 4 of our markets National Defense Requires Secured Facilities • Government contracts require m
Slide 11: Tenant Relationships are Key to our Success
Tenant Relationships are Key to our Success Locations Create a Strong Foundation + Diversity of Leases = Low Risk • Collectively: Multiple leases per tenant in multiple locations, is the Foundation to our success • Individually: No single lease has a significant impact on COPT Defense • On average,
Slide 12: Portfolio Overview
12 e a) ai z a6 (6 eS eS _ \Sy a Sm Portfolio Overview 9
Slide 13: Defense/IT Portfolio
Defense/IT Portfolio MARYLAND 109 Buildings | 9.9M SF WASHINGTON, DC 2 Buildings | 360,000 SF VIRGINIA1 56 Buildings | 9.2M SF MD DC TEXAS VA 9 Buildings | 1.1M SF ALABAMA 25 Buildings | 2.5M SF AL TX TOTAL 201 Buildings | 23.2M SF Data as of December 31, 2025. 1. Includes data center shells owned i
Slide 14: Why is CDP Located in These Markets?
Why is CDP Located in These Markets? To Align Portfolio with Defense Installations that Have Permanence USG1 DEMAND DRIVER LOCATION SEGMENT MISSIONS Fort Meade / Signals Intelligence, U.S. Cyber Command Fort Meade Maryland BW Corridor DISA Intelligence Agencies, FBI Cyber Intelligence Northern NoVA
Slide 15: Maryland | Fort Meade/BW Corridor
Maryland | Fort Meade/BW Corridor Nearly 50% of Defense/IT Portfolio ARR is Within ~10 Miles of Fort Meade Fort Meade / BW Corridor # SF % Assets Bldgs (000s) Leased The National Business Park 34 4,288 97.0% Columbia Gateway 29 2,488 91.6% Airport Square 10 634 91.5% Howard County Secure 4 447 100%
Slide 16: Maryland | The National Business Park (NBP)
Maryland | The National Business Park (NBP) 25% Rental Revenue 34 Buildings 4.3M Square Feet 97.0% Leased MISSIONS SERVED SIGNALS INTELLIGENCE • General Dynamics IT • Boeing Intelligence + Analytics CYBER COMMAND • Lockheed Martin • Accenture ||16 16
Slide 17: NBP is Directly Adjacent to Fort Meade
NBP is Directly Adjacent to Fort Meade COMPETITIVE ADVANTAGES CRITICAL MASS OF GOVERNMENT ENTITIES + CONTRACTORS CLOSEST TO THE COMMANDS ON FORT MEADE • Direct 24/7 gate access • Shuttle service to Main Campus BUILDING USES • Class A Office • SCIF + ATFP • Data Center FUTURE DEVELOPMENT CAPACITY • ~
Slide 18: The National Business Park (NBP)
The National Business Park (NBP) 100% Occupied by the U.S. Government + Defense Contractors U.S. Government Total 24 Buildings 1.8M Square Feet 99% Secure Defense Contractor Total 23 Buildings Square Feet 2.3M (avg = 33K SF) 92% Secure Note: Two structures, a 10,100 SF retail center and a 4,500 SF v
Slide 19: Northern Virginia | Defense/IT Properties
Northern Virginia | Defense/IT Properties 14% Rental Revenue 17 Buildings 2.6M Square Feet 94.5% Leased MISSIONS SERVED INTELLIGENCE NATIONAL RECONNAISSANCE OFFICE (NRO) • Peraton NATIONAL GEOSPATIAL INTELLIGENCE AGENCY (NGA) • General Dynamics IT • Mission Emerge Center ||19 19
Slide 20: U.S. Government FBI Cyber National
U.S. Government FBI Cyber National Reconnaissance Office || 20 20
Slide 21: Huntsville, AL | Redstone Gateway
Huntsville, AL | Redstone Gateway Nearly 100% Occupied by the U.S. Government + Defense Contractors 9% Rental Revenue 25 Buildings 2.5M Square Feet 97.5% Leased Active $80M Development Future 3.1M Development Square Feet | 21
Slide 22: Redstone Gateway is Directly Adjacent to Redstone Arsenal
Redstone Gateway is Directly Adjacent to Redstone Arsenal COMPETITIVE ADVANTAGES NEW, MODERN FACILITIES • Avg building age = ~7 years • No zoning restrictions CLOSEST TO THE COMMANDS ON REDSTONE ARSENAL GATE 9 • High visibility • ~20,000 cars per day BUSINESS PARTNER TO THE REDSTONE ARSENAL’S GARRIS
Slide 23: Redstone Gateway
Redstone Gateway 8.5% Rental Revenue 24 Buildings 2.4M Square Feet 98.5% Leased MISSIONS SERVED MISSILE DEFENSE (GMD) • Northrop Grumman • Peraton AVIATION + ROCKET TESTING • Lockheed Martin • Yulista NASA | SPACE EXPLORATION • Boeing || 23 23
Slide 24: Redstone Gateway | Proposed Space Command Site Plan
Redstone Gateway | Proposed Space Command Site Plan Secure Location: Inside the Fence of Redstone Arsenal Proposed Space Command Site Plan | 24
Slide 25: Redstone Gateway | Golden Dome
Redstone Gateway | Golden Dome Huntsville will Play a Key Role: Program Cost Missile Defense Agency | Space Command | NASA Marshall Space Flight Ctr $175B over next 3 years Appropriated $25B in FY 2025 SHIELD Contract $151B Qualified over 2,400 Companies LARGE UNDERTAKING + TIGHT TIMELINE 2026 • Dev
Slide 26: MD, VA + DC | Navy Support
MD, VA + DC | Navy Support 5% Rental Revenue 22 Buildings 1.3M Square Feet 90.2% Leased MISSIONS SERVED NAVAL SEA SYSTEMS COMMAND • CACI • GD Electric Boat NAVAL AIR SYSTEMS COMMAND • KBR • BAE Systems NAVAL AIR WARFARE CENTER AIRCRAFT DIVISION • RTX || 26 26 • General Atomics
Slide 27: San Antonio, TX | Lackland Air Force Base
San Antonio, TX | Lackland Air Force Base 10% Rental Revenue 9 Buildings 1.1M Square Feet 100% Leased MISSIONS SERVED SIGNALS INTELLIGENCE + AIR FORCE CYBER • U.S. Government || 27 27
Slide 28: Data Center Shells | Data Center Capital of the World
Data Center Shells | “Data Center Capital of the World” 8% Rental Revenue Data Center 33 Shells 6.3M Square Feet 100% Leased MISSIONS SERVED CLOUD COMPUTING • Fortune 100 Company • 100% leased to Single Tenant || 28 28
Slide 29: Defense Spending Drives Demand
Defense Spending Drives Demand | 29
Slide 30: U.S. Department of Defense Base Budget
U.S. Department of Defense (DOD) | Base Budget Bipartisan Support with Over 70% Growth Since FY 2015 $1,000 FY 2015 - 2026 FY 2007 - 2010 FY 2010 - 2015 Global War on Terror Sequestration Bipartisan Support $954 $950 +14% Increase (17%) Decrease +72% Increase $900 $113 $850 5.1% $841 $800 CAGR (bill
Slide 31: U.S. Intelligence Community Budget | NIP + MIP
U.S. Intelligence Community Budget | NIP + MIP Over 70% Growth Since FY 2015 $120 FY 2015 - 2026E FY 2007 - 2010 FY 2010 - 2015 $116 Global War on Terror Sequestration Bipartisan Support $110 +26% Increase (17%) Decrease +73% Increase $100 5.1% CAGR (billions) $90 8.0% $80 CAGR $80 (3.6%) CAGR $70 $
Slide 32: DOD Funding for Cyberspace Activities
DOD Funding for Cyberspace Activities CDP has ~3M SF of Cyber Occupied Space | Primarily around Fort Meade $16,000 FY 2012 - 2026E FY 2021 - 2026E $15,100 4.0 CDP - Cybersecurity Occupied SF (millions) ~7x Increase 54% Increase DOD Cybersecurity Funding (millions) $14,000 3.5 9% $12,000 CAGR 3.0 $9,
Slide 33: SCIF + ATFP Overview
9 SCIF + ATFP Overview Iss
Slide 34: COPT Defense is a Specialized REIT
COPT Defense is a Specialized REIT ~80% of Our Defense/IT Portfolio Contains High Security Improvements 4M SF 1M SF SCIF + SCIF + ATFP ACCESS CONTROLLED 6M SF 6M SF FENCED + CONTAINS LIMITED SCIF ACCESS | 34
Slide 35: SCIF: Sensitive Compartmented Information Facility
SCIF: Sensitive Compartmented Information Facility SCIF Leads to High Tenant Retention Expensive • Requires a significant tenant investment • Well above market TI allowance Time Expensive Intensive Time Intensive • Can take one to two years to construct Cannot be Relocated HIGH • Accreditation is sp
Slide 36: ATFP: Anti-Terrorism Force Protection
ATFP: Anti-Terrorism Force Protection Intent: Minimize Casualties from a Terrorist Attack on DOD Facilities 1995: Alfred P. Murrah Federal Building – Oklahoma City 1996: Khobar Towers – Dhahran, Saudi Arabia Appropriate level DOD mandate to exit Applies to both Mandatory for all secure of protection
Slide 37: ATFP: Anti-Terrorism Force Protection
ATFP: Anti-Terrorism Force Protection DOD Needs to Occupy ATFP Space Bodes Well for Future U.S. Government Demand Requires New Construction Requires New • Not feasible for existing facilities from a cost standpoint New Expensive • Increasing amount and diameter of structural columns Construction Exp
Slide 38: Attractive Investment Opportunity
Attractive Investment Opportunity 4.4 % Compound Annual FFOPS Growth Dividend 16.4 % Increase in Dividend per Growth (2019–2026E) Stock Growth share (since 2022) Value Stock 11.5x Price to 2026E FFOPS1 1. As of the closing price on March 13, 2026, and the midpoint of initial 2026E FFOPS guidance, as
Slide 39: Appendices
Appendices • Safe Harbor • Definitions + Glossary • Reconciliations | 39
Slide 40: Safe Harbor
Safe Harbor UNLESS OTHERWISE NOTED, INFORMATION IN THIS PRESENTATION REPRESENTS THE COMPANY'S CONSOLIDATED PORTFOLIO AS OF OR FOR THE QUARTER ENDED DECEMBER 31, 2025. • This presentation may contain forward-looking statements within the meaning of the Federal securities laws. Forward-looking stateme
Slide 41: Definitions + Glossary
Definitions + Glossary Acquisition costs Average escalations Transaction costs expensed in connection with executed or anticipated acquisitions of operating Leasing statistic used to report average increase in rental rates over lease terms for leases with a term properties. of greater than one-year.
Slide 42: Definitions + Glossary (continued)
Definitions + Glossary (continued) Cash net operating income (“Cash NOI”) Diluted adjusted funds from operations available to common share and NOI from real estate operations adjusted to eliminate the effects of: straight-line rental adjustments, common unit holders ("Diluted AFFO") amortization of
Slide 43: Definitions + Glossary (continued)
Definitions + Glossary (continued) Diluted FFO per share, as adjusted for comparability In-place adjusted EBITDA Defined as (1) Diluted FFO available to common share and common unit holders, as adjusted for Defined as Adjusted EBITDA, as further adjusted for: (1) certain events occurring in a three
Slide 44: Definitions + Glossary (continued)
Definitions + Glossary (continued) Net debt adjusted for fully-leased investment properties Net debt to adjusted book and Net debt adjusted for fully-leased investment Defined as Net debt less costs incurred on properties under development and on operating property properties to adjusted book acquis
Slide 45: Definitions + Glossary (continued)
Definitions + Glossary (continued) Replacement capital expenditures Straight-line rent Tenant improvements and incentives, building improvements and leasing costs incurred during the Includes annual minimum base rents, net of abatements and lease incentives and excluding rent period for operating pr
Slide 46: Reconciliations
Reconciliations Year Ended December 31, Three months ended Reconciliations of net income to diluted FFO and diluted FFO as adjusted for comparability (in thousands) 2019 2020 2021 2022 2023 2024 2025 12/31/25 Net income (loss) $ 200,004 $ 102,878 $ 81,578 $ 178,822 $ (74,347) $ 143,942 $ 159,534 $ 3
Slide 47: Reconciliations (continued)
Reconciliations (continued) Actuals Guidance Year Ending Reconciliations of diluted EPS to diluted FFOPS per Nareit and as Year Ended December 31, 2026 adjusted for comparability (in dollars per share) December 31, 2025 Low High Diluted EPS $ 1.34 $ 1.21 $ 1.29 Real estate-related depreciation and a
Slide 48: Reconciliations (continued)
Reconciliations (continued) Reconciliations of net income to Adjusted EBITDA, in-place adjusted EBITDA Three Months Ended and pro forma in-place adjusted EBITDA (in thousands) 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Net income $ 14,965 $ 52,087 $ 34,820 $ 36,467 $ 39,396 Interest expense 16,217
Slide 49: COPT Defense Properties
\ COPT DEFENSE PROPERTIES
COPT Defense Properties — J.P. Morgan Industrials Conference 2026 on 6ix